Genex Infosys off to a flying start

Genex Infosys Ltd got off to a flying start on its debut on the stock exchanges yesterday whereas most securities went through a price correction.

Price of each share of the IT company hovered between Tk 59 and Tk 44 on the Dhaka bourse, before closing at Tk 55.90, more than five times higher than its face value of Tk 10.

A total of 81.50 lakh shares of Genex were traded on the Dhaka Stock Exchange (DSE), generating a turnover of Tk 41.67 crore. The company raised Tk 20 crore by floating two crore shares through the initial public offering (IPO), which received regulatory approval on September 4 last year.

The local firm will use the IPO proceeds to expand its call centre businesses, pay off partial loans and bear the expenses of the IPO proceedings.

However, the key indices of both the DSE and the Chittagong Stock Exchange (CSE) fell for the second consecutive day.

The DSEX, the benchmark index of the premier bourse, fell 14.23 points, or 0.24 percent, before closing the day at 5,786. However, the turnover of the DSE rose 8.5 percent to Tk 766.84 crore from the previous day.

Losers took a strong lead over the gainers as 185 declined, 114 advanced and 47 remained unchanged on the DSE floor.

United Power Generation dominated the turnover chart with 18.38 lakh shares worth Tk 73.72 crore changing hands, followed by Genex Infosys, Sonar Bangla Insurance, Paramount Textile, and Bangladesh Submarine Cable. Meghna Pet was the worst loser, slumping by 5.58 percent.

The CSCX, the benchmark index of the CSE, shed 9.60 points, or 0.08 percent, to finish at 10,718.89.

Losers beat gainers as 151 declined, 97 advanced and 29 finished unchanged. The port city bourse traded 1.06 crore shares and mutual fund units worth Tk 36.01 crore.


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